Question

​"At ​$1.31 million​, they closed last month for...28 percent above what they paid in​ 2007." How much did they pay in​ 2007?

Answer 1

Explanation:

Answer: 1,069,200

Explanation:

We know that they paid 1.32 million and was 19% above what they paid in 2007.

Since they paid 19 percent above (1.19) 2007 we can reverse and do 0.81 * 1,320,000 to get our answer.

You may be wondering why it's 0.81 instead of 0.19 that is because 1.19 is over 1. Since 100 is equal to a whole we subtract 0.19 from 100 to get our value we multiply by.

1,320,000 * 0.81 = 1,069,200

We can also find the different simply by doing 1,320,000 * 0.19 which equals 250,800 and to get our answer from here we just subtract 1,320,00 by 250,800

Answer 2

$1.0234375 million or $1,023,437.5

Explanation:

Let x represent the amount paid in 2007.

We have been given that at $1.31 million​, they closed last month for...28 percent above what they paid in​ 2007." We are asked to find the amount paid in 2007.

The amount paid in last month would be x plus 28% of x.

`x+(28)/(100)x\\\\x+0.28x\\\\1.28x`

Let us equate the price paid last month by
`1.28x` as:

`1.28x=1.31`

`(1.28x)/(1.28)=(1.31)/(1.28)`

`x=1.0234375`

Since our given amount is in millions, so we can convert into dollars.

1 million = 1,000,000.

`\text{1.0234375 million}=\$1.0234375* 1,000,000`

`\text{1.0234375 million}=\$1,023,437.5`

Therefore, they paid $1.0234375 million or $1,023,437.5 in 2007.